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2025 Update: Tech Company Stock Pay Accounts for One-Quarter of Withholding Growth So Far in 2025-26 December 3, 2025
California's technology companies, including Apple, Google, Nvidia, Meta, and Broadcom are the most valuable companies in the world and employ thousands of highly-paid workers in the state. Many employees at these companies receive equity pay, such as stock options and restricted stock units, in addition to their base salary. As we first pointed out two years ago, state income tax withholding on stock pay has grown to more than $10 billion annually due to the AI boom in asset prices for these companies. With updated data through 2025Q3, we now believe growing withholding from these sources accounted for a quarter of the strong income tax withholding growth seen in the first three months of 2025-26.
Industry Wage Growth in California November 8, 2017
In this post, we describe trends in industry wages in California between 1990 and 2016.
May Revision 2016: Economic Outlook May 15, 2016
We discuss the state's economic outlook, including the administration's assessment of the near-term economic outlook in the Governor's May Revision to his 2016-17 budget proposal.
Sept. 2015 Jobs Data: Modest Net Job Growth October 16, 2015
The state's Employment Development Department has released job data for September 2015.
2014 GDP Growth: California Outperforms Nation June 26, 2015
2014 California GDP growth outpaced the nation's in most economic sectors.
April 2015 EDD Jobs Report May 26, 2015
The Employment Development Department released its preliminary California jobs report for April 2015 on Friday, May 22.
3/2015: California Metro Area Jobs Data April 29, 2015
The U.S. Bureau of Labor Statistics has released preliminary jobs data for metropolitan regions across the U.S. for the month of March 2015.
3/2015: California Nonfarm Jobs Up by 39,800 April 17, 2015
California's Employment Development Department (EDD) has released preliminary jobs data for the month of March 2015. Once again, jobs increased, and the state's unemployment rate declined.
Overview of Sharing Economy and Short-Term Rentals March 19, 2015
For a joint hearing of two Assembly committees, we examine the "sharing economy" and growth of short-term rental companies like Airbnb and HomeAway.
Silicon Valley, San Francisco, & Marin: CA Income Taxes February 4, 2015
A recent report on Silicon Valley discusses the region's economic growth. We consider the role that Silicon Valley, San Francisco, and Marin play in California's main state government revenue source, the personal income tax.
Initial 12/14 Jobs Report: Modest Growth to End Solid Year for State January 26, 2015
The state's Employment Development Department released its first report, to be revised later, on December 2014 job growth in California.
In Many Sectors, California's Job Mix Similar to the U.S. December 9, 2014
California has a greater share of jobs in professional/business services and information combined than those sectors have in the rest of the U.S. This can be attributed in part to the state's technology and entertainment industries.
California Exports Around the World December 6, 2014
International trade is important to California's economy. The state's key international trading partnerships are diverse, including countries in North America, Asia, and Europe.
California Gets Very Large Share of Venture Capital Funding December 5, 2014
Venture capital investments play a key role in financing new technology firms. California--especially the Bay Area--receives a very large share of such investments.